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Starwood cuts spread on $300 million term loan to Libor plus 275 bps
By Sara Rosenberg
New York, April 9 - Starwood Property Trust Inc. reduced pricing on its $300 million seven-year first-lien covenant-light term loan (BB+) to Libor plus 275 basis points from Libor plus 325 bps, according to a market source.
Also, the original issue discount on the loan was tightened to 99¾ from 99½ and the 101 soft call protection was shortened to six months from one year, the source said.
The 0.75% Libor floor was left unchanged.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.
Proceeds will be used to help fund the $1.05 billion acquisition of LNR Property LLC and for general corporate purposes.
Starwood is a Greenwich, Conn.-based commercial real estate finance company. LNR is a Miami Beach, Fla.-based real estate investment, finance, management and development firm.
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